Wendy’s – 216 Unit Guarantor – 20 Year NNN Lease – Knoxville, TN

400 Merchants Dr, Knoxville, TN 37912, USA
$2,090,909

Description

Marcus & Millichap is pleased to offer for sale this absolute net leased, newly constructed (2019) Wendy’s located at 400 Merchants Drive, Knoxville, Tennessee.
The subject property consists of a 2,353 square foot restaurant, with drive up window and ample parking on a .55 acre parcel of land and is strategically located just at the exit of Interstate-75, on Merchants Drive, with combined daily traffic counts in excess of 105,805 vehicles per day and benefits from close to 153,523 full time residences with a house hold income exceeding $50,818 annually.
The property is subject to a 20 Year lease with 7.5 percent increases every five years including the four, five – year option periods. The lease is backed by a 35 unit holding company with restaurants in Tennessee. The operator, JAE Restaurant Group, operates more than 210 restaurants in Forida, Texas, and Tennessee.
There are numerous National and Regional retailers in the immediate area including BB&T, Exxon, Subway, Outback Steakhouse, McDonald’s, Burger King, Ihop, Taco Bell and Red Lobster among others.
Wendy’s is an international fast food chain restaurant founded by Dave Thomas on November 15, 1969, in Columbus, Ohio, United States. As of March 2016, Wendy’s was the world’s third largest
hamburger fast food chain with approximately 6,650 locations, following Burger King’s 12,000 plus locations and McDonald’s’ 31,000 plus locations.

  • Store opened July 2019 – Very Strong First Month Sales
  • Brand New Construction Wendy’s with a 20 Year Absolute NNN Lease
  • Strong 35 Unit Backing from a 210+ Unit Wendy’s Operator(5th Largest in the USA)
  • Located Right Off I-75 with Traffic Counts Exceeding 81,000 Vehicles Per Day (I-75) and Direct Exposure to More than 24,000 Vehicles Per Day (Merchants Drive)
  • Strong Hedge Against Inflation: 7.5% Rent Increases Every 5 Years During the Base Term and Options
  • More than 150,000 People Located Within a Five Mile Radius

Property Documents

  • City: Knoxville
  • State/county: Tennessee
  • Zip/Postal Code: 37912
  • Country: United States

Detail

  • Price: $2,090,909
  • Year Built: 2019

Additional details

  • CAP Rate: 5.50%
  • NOI: $115,000

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